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NMLS MLO Latest Test Dumps | MLO Exam Dumps

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NMLS Mortgage Loan Origination (SAFE MLO) Exam Sample Questions (Q27-Q32):

NEW QUESTION # 27
A mortgage loan originator (MLO) takes an application for a borrower who is obtaining an owner-occupied maximum amount refinance loan. The borrower also asks for a loan application for a new house that they are purchasing that will not be finished until 60 days after the refinance loan closes. Although the MLO advises the borrower that the terms of the refinance loan require that they occupy the property for 12 months, the borrower says that the new purchase loan will not close until after the refinance loan has closed. The MLO must:

A. take both applications and do one loan "in house" and broker the second loan to another lender.
B. advise the borrower that the MLO can do the refinance loan as a non-owner-occupied loan and the purchase loan as an owner-occupied loan.
C. refer the borrower to another lender for the purchase loan so that the MLO is permitted to get a commission on the refinance loan.
D. refer the purchase loan to another MLO in their company to obtain a referral fee.

Answer: B

Explanation:
The MLO must advise the borrower that if they plan to purchase a new home shortly after refinancing, they must disclose this information upfront. Since the terms of the refinance loan require that the borrower occupy the property for 12 months, the MLO should suggest refinancing the current property as a non-owner- occupied loan if the borrower does not intend to stay in the home. This approach ensures compliance with the loan terms and avoids potential mortgage fraud.
* Other options (A, B, C) involve potential conflicts of interest or violations of the loan terms.
References:
* Fannie Mae Guidelines on occupancy requirements
* CFPB Guidelines on owner-occupied versus non-owner-occupied loans

NEW QUESTION # 28
When preparing a corrected Closing Disclosure, under which of the following conditions is a three-day waiting period required before a loan consummation?

A. If a revision is needed to the consumer's contact Information
B. If the APR changes within the acceptable tolerance
C. The addition of a prepayment penalty
D. The addition of an escrow account

Answer: C

Explanation:
A corrected Closing Disclosure (CD) requires a new three-day waiting period before consummation if the following major changes occur:
* The APR changes beyond the allowable tolerance (which is not the scenario here; hence, Option C is incorrect).
* The loan product changes (e.g., switching from a fixed-rate to an adjustable-rate mortgage).
* A prepayment penalty is added, which is the correct answer in this case. A prepayment penalty can significantly impact the borrower's ability to repay the loan early without incurring additional costs, which is why this triggers a new waiting period.
* Changes like the addition of an escrow account (A) or revisions to contact information (D) do not typically require the three-day waiting period, as they do not materially alter the terms of the loan in a way that would affect the borrower's decision to proceed.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID)
* 12 CFR Part 1026 (Regulation Z)

NEW QUESTION # 29
Which of the following must be included in advertisements displayed by mortgage loan originators (MLOs) on their social media pages for mortgage services including payment amounts?

A. The number of days that the rate is available
B. The MLO's personal website
C. The APR
D. The MLO's business address

Answer: C

Explanation:
Under Regulation Z (TILA), when mortgage loan originators (MLOs) advertise mortgage services, including payment amounts, they must disclose the Annual Percentage Rate (APR). The APR reflects the total cost of the loan, including interest and certain fees, and provides a clear picture of the loan's true cost over time.
* Failure to include the APR in an advertisement that mentions payment amounts, interest rates, or other specific loan terms is considered a violation of TILA's advertising requirements.
* Other details (B, C, D), such as the MLO's website or the number of days the rate is available, are not mandatory in all advertisements, but the APR is required.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* CFPB Advertising Rules for Mortgage Services

NEW QUESTION # 30
Which of the following applicant characteristics is legally permitted to be considered in evaluating credit risk?

A. Whether the applicant seems likely to have children
B. Whether the applicant's age makes them ineligible for credit-related insurance
C. Whether the applicant has a phone number listing in their name
D. Whether the alimony payments the applicant relies on for income are likely to continue and to be consistently made

Answer: D

Explanation:
When evaluating credit risk, lenders are legally permitted to consider whether alimony payments that the applicant relies on for income are likely to continue and be consistently made. Lenders need to assess the reliability of income sources, and documented alimony that is expected to continue is a valid consideration under ECOA (Equal Credit Opportunity Act) guidelines.
* Factors like the applicant's likelihood of having children (A), phone listing (B), and age (C) are not permissible criteria for evaluating creditworthiness under ECOA, as these would constitute discrimination.
References:
* Equal Credit Opportunity Act (ECOA), 15 U.S.C. §1691
* CFPB ECOA Guidelines

NEW QUESTION # 31
Which of the following statements defines the term "business day" in a mortgage rescission under the Truth in Lending Act (TILA)?

A. Any days that employees may access the office to work
B. Every day except Sunday and legal holidays
C. Every day from 9 a.m. to 5 p.m.
D. Any days except Saturdays and Sundays

Answer: B

Explanation:
Under the Truth in Lending Act (TILA), for mortgage rescission purposes, a business day is defined as every day except Sunday and legal holidays. This definition applies to the three-business-day right of rescission period, during which a borrower can cancel certain refinance or home equity transactions.
* The right of rescission allows the borrower three business days after signing the loan documents to cancel the loan without penalty.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.2(a)(6)
* CFPB Guidelines on rescission rights

NEW QUESTION # 32
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